The Importance of Qualified Insolvency Advice in the United Kingdom
When a company experiences financial distress, directors are often faced with difficult decisions that must be made quickly and carefully. Insolvency is a highly regulated area of UK law, and the consequences of taking the wrong action can be serious, both for the business and for its directors personally. This is why seeking qualified insolvency advice is not only beneficial but essential when facing cashflow issues, mounting debts or creditor pressure. Why qualified insolvency advice matters UK insolvency legislation places strict responsibilities on company directors, especially when a business becomes unable to meet its liabilities. Continuing to trade while insolvent, making preferential payments or disposing of company assets incorrectly can all lead to personal liability or director disqualification. Without qualified advice, many directors unknowingly expose themselves to risk. A licensed Insolvency Practitioner (IP) has the training, experience and legal authority to guide dir...